Chickasaw Capital Management LLC Sells 554,201 Shares of Enterprise Products Partners L.P. $EPD

Chickasaw Capital Management LLC trimmed its position in Enterprise Products Partners L.P. (NYSE:EPD) by 10.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,960,865 shares of the oil and gas producer’s stock after selling 554,201 shares during the quarter. Enterprise Products Partners comprises approximately 6.3% of Chickasaw Capital Management LLC’s holdings, making the stock its 9th largest position. Chickasaw Capital Management LLC owned 0.23% of Enterprise Products Partners worth $155,126,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Brooklyn Investment Group acquired a new position in Enterprise Products Partners during the 1st quarter worth $27,000. Wealth Preservation Advisors LLC acquired a new position in shares of Enterprise Products Partners during the 1st quarter worth about $28,000. Winnow Wealth LLC bought a new stake in Enterprise Products Partners during the 2nd quarter valued at approximately $28,000. Crowley Wealth Management Inc. acquired a new stake in Enterprise Products Partners in the 2nd quarter valued at approximately $29,000. Finally, Traub Capital Management LLC acquired a new stake in Enterprise Products Partners in the 2nd quarter valued at approximately $31,000. 26.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

EPD has been the subject of several research reports. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $35.00 price objective on shares of Enterprise Products Partners in a research report on Monday, December 1st. Scotiabank cut their target price on shares of Enterprise Products Partners from $35.00 to $34.00 and set a “sector perform” rating for the company in a research note on Tuesday, November 4th. Morgan Stanley set a $34.00 price target on shares of Enterprise Products Partners and gave the stock an “equal weight” rating in a research report on Tuesday, December 2nd. UBS Group reaffirmed a “buy” rating on shares of Enterprise Products Partners in a research report on Tuesday. Finally, Stifel Nicolaus lifted their target price on Enterprise Products Partners from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.00.

Enterprise Products Partners Price Performance

Shares of Enterprise Products Partners stock opened at $31.99 on Thursday. The firm has a market cap of $69.21 billion, a P/E ratio of 12.07, a price-to-earnings-growth ratio of 2.43 and a beta of 0.59. The firm’s 50-day simple moving average is $31.58 and its 200-day simple moving average is $31.53. Enterprise Products Partners L.P. has a twelve month low of $27.77 and a twelve month high of $34.53. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.60 and a current ratio of 0.88.

Enterprise Products Partners (NYSE:EPD) last announced its quarterly earnings results on Wednesday, October 29th. The oil and gas producer reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.07). Enterprise Products Partners had a return on equity of 19.40% and a net margin of 10.92%.The business had revenue of $12.02 billion for the quarter, compared to the consensus estimate of $11.83 billion. During the same quarter in the prior year, the business earned $0.65 EPS. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. As a group, research analysts expect that Enterprise Products Partners L.P. will post 2.9 EPS for the current fiscal year.

Enterprise Products Partners Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were issued a dividend of $0.545 per share. The ex-dividend date of this dividend was Friday, October 31st. This represents a $2.18 dividend on an annualized basis and a dividend yield of 6.8%. Enterprise Products Partners’s dividend payout ratio (DPR) is presently 82.26%.

Enterprise Products Partners announced that its board has authorized a stock buyback program on Thursday, October 30th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the oil and gas producer to buy up to 7.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Enterprise Products Partners Company Profile

Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. It operates in four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.